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Another big gap today indicates the market is likely to pull back to fill both gaps. We have two large back-to-back gaps now without strong intraday follow through. Chances are they get filled within the next week or so.

While near-term the action is starting to indicate another leg lower may be on the horizon, chances are whatever leg down we have ahead of us will be the last bit of selling before a major multi-month rally begin.

Market has begun an up cycle/rebound. However, some signs point to this just being a short-term bounce for now. If the buying interest picks up, that could change. At the moment, the rebound looks a little weak and likely to lead into more selling down the line.

A discussion in to the Targaryen Trade Strategy within this current market correction.

The QQQ reached mildly oversold conditions yesterday as did a wide range of large cap tech stocks. Today’s rebound is an oversold bounce. Any further than $512 on the QQQ increases the chances of a bottom in the market.

With the markets set to open at key support, we may be looking to buy a range of different positions for different portfolios.

Market makes a hard push toward major support in the AM and the bulls take charge. It’s still very early in the session and we could see another retest later today. Market still far from correction territory.

Bulls & Bears continue to trade sessions. One day we’re up big. The next we’re down big. Eventually that trend will shift and one side will take control. At the moment, the trend is favoring the bulls for the reasons we outlined in yesterday’s session.

While the QQQ is down heavy today indicating a continuation of the high volatility we’ve been seeing, the overall trend is still very bullish. The bears need a lot more selling to push this into a correction.

A lot different things going on in the market today. Analyzing the QQQ to determine if we’re in a new segment or continuing a topping process. Nvidia reaches overbought, but that might not matter. Netflix might be ripe for a trade.